(1) There shall be established by the Government a fund, to be called the Assam Consumer Welfare Fund.

(2) There shall be credited to the fund in such manner as may be prescribed, -

(a) an amount of rupees one lakh, to be initially paid by the Government by way of grant for the purpose of the fund: and

(b) all amount forfeited under sub-section (4) of section 31 and all penalty paid pursuant to sub-section (5) of the said section except any amount refunded under the said section after deducting therefrom the expenses of collection and recovery as determined by the Government.

(3) The moneys credited to the fund shall be utilised by the Government for the welfare of the consumers in accordance with such rules and the accounts and other relevant records in relation to the fund shall be maintained in such manner as may be prescribed.